Merck launches biotech venture capital fund
March 23, 2009
According to the Associated Press, German pharmaceutical company Merck KGaA announced it is starting a biotechnology venture capital fund that will invest euro40 million ($55 million) in emerging companies in the sector during the next five years. The Darmstadt-based company, which is not part of Merck & Co. Inc. of the U.S., said the Merck Serono Ventures fund will support biotech startup companies that have the potential to provide products to the Merck Serono division''s core therapeutic areas of neurodegenerative disease, oncology and autoimmune and inflammatory diseases. The fund will be included in Merck''s portfolio development function and be closely linked to the company''s research and development operations. The company said parties wishing to submit proposals should contact Merck.